Elon Musk buys 9.2% stake in Twitter


OK, maybe Elon Musk wasn’t Everyone speak when he said he’s thinking about starting his own social media company. Musk has bought a large stake in Twitter — 73,486,938 shares, to be exact — according to a new March 14 filing with the Securities and Exchange Commission.

That purchase represents an approximately 9.2% passive stake worth approximately $2.9 billion based on the social media platform’s closing price on Friday. Twitter shares rose about 26% in premarket trading Monday morning after the SEC filing was released.

Musk has a huge Twitter presence, and many of his tweets are really to be taken with a pinch of salt. He made promises and tweeted thoughts on topics that didn’t always work out. But perhaps not all of his tweets should be taken lightly: Musk was use checked out his own profile on Twitter himself, and he did recently called He was seriously considering starting his own social media platform.

“Given that Twitter serves as a de facto public marketplace, failure to uphold the principles of free speech fundamentally undermines democracy. What is to be done?” Musk tweeted Late last month after questioning his followers on Twitter’s adherence to free speech principles.

“Does it need a new platform?” he added to his Twitter thread.

Wedbush analyst Dan Ives told CNBC on Monday that Musk’s investment in Twitter could mean he’s trying to “take a more aggressive stance” on the platform. “This could eventually lead to some sort of takeover,” Ives said.

At the same time, Musk’s online presence has also landed him in hot water. He struck an agreement with the SEC to have his tweets pre-approved after tweeting that he could take Tesla private without filing the regulatory filings with the SEC to make that type of announcement. Musk wasn’t too happy with the SEC deal, but the commission stands by it.


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